You cannot put lakhs in difficulty for hours: RBI governor on HDFC Bank

Central bank, which yesterday pulled up HDFC Bank for multiple outages of its digital services, is checking why SBI's YONO application went down.

The regulatory clampdown on HDFC Bank came up prominently at the post-policy media interaction with Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday. Even though the RBI typically distances itself from commenting on individual banks, this time it made an exception by elaborating on why the step was taken while highlighting the need for strengthening technology in the sector by investing more in it. 

As a custodian of the digital payment segment, the RBI must act, Das pointed out in defence of the central bank’s action. “You see, we cannot put thousands or lakhs of customers who are